Small-business bankruptcies rise 81% in California

Posted on December 23, 2009. Filed under: Uncategorized |

From the Los Angeles Times

This article is very indicative of what we are starting to see in Kentucky.  The article quotes fellow NACBA member Dennis McGoldrick, a bankruptcy lawyer in Torrance, California.

The misleading part of the statistic is that most business bankruptcies are actually filed as a Chapter 7 personal bankruptcy for the owners of the business, after the business has failed, rather than a Chapter 11 business bankruptcy.

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